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CHICAGO (Reuters) -Chicago voters on Tuesday appeared to reject a higher real estate transfer tax on properties worth over $1 million, a proposal that proponents said could raise $100 million a ...
The proposal would have incrementally raised the city’s real estate transfer tax on properties valued at more than $1 million. Supporters estimated it would have generated $100 million annually ...
City Council allies of Mayor Brandon Johnson announced their intentions to get a real estate transfer tax hike that would fund homelessness services on the 2024 primary ballot, seeking to advance ...
Real estate transfer taxes have become controversial in some U.S. jurisdictions seeking to increase transfer taxes on higher end property sales to help combat issues like homelessness. 2022's Chicago's Bring Chicago Home initiative, seeks to increase transfer taxes on $1 million transactions by 253% or t o 2.65% or $26,500 per million dollar of ...
The referendum asks Chicago voters to support an increase on a transfer tax for properties over $1 million. It’s a one-time buyer’s fee. Chicago’s rate is currently 0.75% on all property sales.
In October 2019, Ramirez was part of a group of Democratic state legislators who opposed Chicago mayor Lori Lightfoot's proposed plan for the use of a new real estate transfer tax, arguing that a portion of the funds from the new tax should be explicitly set aside to address homelessness and affordable housing.
(The Center Square) – The Chicago City Council on Monday approved a new budget without a property-tax increase, but many aldermen say the mayor still needs to cut spending. The council voted 27 ...
Additionally, another similar proposal (by an anonymous author) known as the Universal Exchange Tax (UET) has been proposed since circa 2010. The UET is a tax on all electronic transactions of any kind that pass through any clearinghouse, albeit with some subtle differences (such as only taxing one side of each transaction rather than splitting ...